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I’ve got some information here that could help balance these reports, @djlapage.
In QuickBooks, it is possible to have either the accrual basis or the cash basis that are not balanced. But in some instances, both report types display a discrepancy in your Balance Sheet.
QuickBooks automatically creates a balance sheet, thus eliminating some issues that cause the report to be out of balance. However, there are still a few reasons why it's inaccurate.
Most unusual behaviors in QuickBooks, such as sudden discrepancies in reports, are caused by data damaged. Which can be fixed easily by re-sorting the lists and rebuilding the data.
Multi-Currency and incorrectly linked or entered transactions are the other reasons. Although they appeared to be entered correctly can push the Cash Basis out of balance. The usual scenarios include the use of credit memos for returned inventories, discounts for jobs, and general journal entries that offset other transactions. Also, when the exchange rate of the payment is different from the exchange rate from when the invoice was created.
You can run a Custom Transaction Detail report to search the transactions that make your Balance Sheet and Profit and Loss out of balance. Here’s how:
- Go to the Reports menu and select Custom Report >Transaction Detail.
- On the Modify Report window, enter the date the report went out of balance in the From and To fields.
- Go to the Report Basis section, then select Cash.
- In the Columns section, uncheck Account, Split, Clr, and Class.
- Select Amount and Paid Amount. This will make the report easier to read.
- Press OK.
The ending balance in the Paid Amount column should equal the amount that is out of balance. Look through the report to find the event or transactions that add up to this amount.
I have here resources that can help check and fix issues on your financial reports:
I’ll be here anytime if you have additional questions about reports or something else. Have a great day ahead.
